With our recent announcement of Tempus launching on the Fantom network, we are super excited to be bridging over and offering fixed yields on Fantom. Fantom has grown a vibrant and thriving DeFi community, and with over $12bn in TVL (source: Defi Llama) at the time of writing this post, the opportunity is exciting!
For those who may not have read the article, we believe in a multi-chain future and making fixed yields accessible to as many people as possible. In recent times, we have observed consistent high Ethereum transaction costs as users and builders. As such, we have decided to take a step towards our multi-chain future sooner than later.
Not only do we want to offer the Tempus product on the Fantom network, but we also want to foster and grow our existing Tempus community. As such, we would like to use a portion of the Tempus Treasury funds to incentivise our first liquidity pool with SpookySwap on Fantom.
SpookySwap is currently the #1 DEX on Fantom with over $1.3bn in TVL. Tempus Labs has spoken with the team and believes SpookySwap is a great platform to launch the $TEMP token on Fantom.
The Spooky Partner Staking Model has been popular amongst other protocols that wanted to incentivise liquidity on the Fantom network. We feel it would greatly benefit our Fantom launch and help increase trading volume for TEMP (something that is considered by CEXs when listing ).
How does the Spooky Partner Staking Model work?
- Tempus will need to provide a certain amount of $TEMP tokens to SpookySwap (min $50k)
- The TEMP tokens will initiative a 60-day TEMP/WFTM pool with boosted yield
- After the 60 days, the incentives are finished, and the pool will revert to standard APR from earned trading fees
In summary, to grow the Tempus community, increase Tempus liquidity and help our successful launch on Fantom, Tempus Labs proposes to bridge over 1,000,000 $TEMP tokens from the Tempus Treasury wallet over to the Fantom network to incentivise a 60-day Liquidity Mining program on SpookySwap.
This post will be left open for the community to discuss until Friday 28 January. If there are no material concerns, Tempus Labs will launch a Snapshot vote to approve this proposal.